SLB Signs PETRONAS Subsea Deal, Expands Digital Operations in Angola

SLB N.V. SLB entered a strategic collaboration with PETRONAS Suriname E&P B.V. and the Subsea Integration Alliance, formed by SLB OneSubsea and Subsea7. By leveraging cost-efficient subsea technologies, the alliance aims to unlock Suriname’s frontier basin potential while enhancing deepwater project efficiency and reducing costs.

Under this framework, the Subsea Integration Alliance may handle the complete engineering, procurement, construction, installation and commissioning (“EPCIC”) solutions for Suriname discoveries, including subsea production systems. Subsea Integration Alliance's responsibilities span the delivery of subsea umbilical, riser and flowlines components.

Moreover, On March 31, 2026, SLB announced a three-year deal with Azule Energy to expand digital operations across oil and gas assets in Angola. Azule Energy, the leading energy producer in Angola, is a joint venture between BP plc BP and Eni S.p.A E. The digital platform will help the joint venture drive enhanced execution consistency, accelerate decision-making and support reliable energy delivery across its portfolio, as it is involved in highly complex operations.

The two-year contract for the Delfi platform has been extended, continuing its adoption within reservoir functions. Delfi supports key processes such as modeling, simulation and well planning. It further enhances digital capabilities by integrating reservoir data with wider enterprise systems over time.

This deal highlights the transition to large-scale digital operations enabled by SLB’s cloud-based capabilities and digital platform. It enables seamless integration and scalability across workflows. The SLB Luanda Performance Center plays a key role in delivering and sustaining these solutions locally.

Initial implementation highlights significant benefits, as integrated workflows like DrillPlan streamlined well planning from days to hours, and increased automation while lowering manual coordination. At the same time, the enterprise platform ensures consistent execution across Azule’s extensive and mature asset base.

Upstream capital spending, influenced by crude oil prices, heavily drives the performance of oilfield equipment and services companies such as SLB and TechnipFMC FTI. FTI demonstrated growth by closing 2025 with a $16.6-billion backlog, a 15.3% increase from the $14.4 billion reported in 2024. SLB currently carries a Zacks Rank #4 (Sell), while FTI sports a Zacks Rank #1 (Strong Buy).

You can see the complete list of today’s Zacks #1 Rank stocks here.

Energy majors BP and Eni’s upstream operations are enjoying a favorable business environment, as West Texas Intermediate crude prices have been continuously trading above $90 per barrel over the past month, according to Oilprice.com. BP and E each sport a Zacks Rank #1 at present.

Free Report: Profiting from the 2nd Wave of AI Explosion

The next phase of the AI explosion is poised to create significant wealth for investors, especially those who get in early. It will add literally trillion of dollars to the economy and revolutionize nearly every part of our lives.

Investors who bought shares like Nvidia at the right time have had a shot at huge gains.

But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.

Zacks' AI Boom 2.0: The Second Wave report reveals 4 under-the-radar companies that may soon be shining stars of AI’s next leap forward.

Access AI Boom 2.0 now, absolutely free >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

BP p.l.c. (BP): Free Stock Analysis Report

SLB Limited (SLB): Free Stock Analysis Report

Eni SpA (E): Free Stock Analysis Report

TechnipFMC plc (FTI): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research